American Express to eliminate 4,000 jobs
May 18, 2009
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PrintAmerican Express announced today a new companywide reengineering initiative that would eliminate approximately 4,000 jobs or about 6 percent of the company's current worldwide workforce. The job cuts will occur across business units and is expected to save approximately $175 million, according to the company.
Other reductions in expenditures relating to the reengineering include a reduction in investment spending on marketing and business development, saving approximately $500 million, a cutting of overhead expenses, saving approximately $125 million.
This reengineering initiative expected to produce cost benefits of approximately $800 million during the remainder of 2009, according to American Express.
